Announcement during 43rd GST Council meeting
Hemlata Khandelwal / 2021-06-01 05:34:57
Announcements during 43rd GST council meeting
GST Council 43rd meeting has met on 28th may 2021 after about eight months. In this, it has been decided to exempt the Corona related material coming from abroad from the I-GST. Finance Minister is being in the position of authority in a meeting or other gathering over the 43rd GST Council meeting via video conferencing.
GST Council 43rd meeting
Both the first and second waves of Covid-19 have affected the economic activities of our country and all of the people. Seeing this, we can say that the burden of inflation has increased on the people. In such a situation, the first meeting of the Finance Minister is very important in the leadership of this year's epidemic. Here, they will consider reducing the rate of tax related to the content of vaccines, medicines, and medical devices, which are taxed in the door of this epidemic of Covid-19.
By the way, our Finance Minister had earlier in the meeting denied the demand for exemption of all types of vaccines, medicines and oxygen constants, etc. related to Covid-19, under the GST, that if this exemption will be given that the necessary life for the consumers will be given. Guard material will also become expensive because by doing this the manufacturers of these materials will not get the benefit and they will make them all expensive. So that the manufacturers will not get the benefits that they are paying on the raw materials.
Debatable on statute of Rs. Two lakh sixty nine cr. to states:
Asunder by debating the rates of tax, and ejective amount of rupees two lakh sixty-nine crore should behold forth in the council. as the execution of the GST, the arrangement is in 2017, the promises made by the states that they would make amends their finances harm by commemorating them to chuck their right to levy other tax and VAT. To atone for the present, out of rupees two lakh sixty-nine crore, a loan may be taken by the center of Rs 1.58 lakh crore. It has been assumed and makes a hope from the Center to geta higher than value of cess is Rs 1.11 lakh crore. This amount of cess will be handover as the compensation amount to compensate for the revenue decrease of states due to implementation of Goods and Services Tax (GST).
The rate of tax on vaccines
Currently, the corona vaccines commercial and domestic import and supply attracts the rate of GST at five per cent, while the 12 percent rate of GST is applicable on COVID drugs and oxygen concentrator.
Decision taking for Return Filing:
After completing the GST Council 43rd meeting, the FM Nirmala Sitharaman Announce that the formula on GST compensation cess will be adopted this year, same as last year. It is to be estimated that the amount of 1.58 lakh cr. Rupees will have to borrow by the center and it will have to give the amount to the states. FM Nirmala Sitharaman said that the annual return filing for small taxpayers (GST Registration holder) with a less than turnover of Rs 2 crore would remain optional for FY 2020-21, whereas the reconciliation details will be submitted for 2020-21 only by the taxpayers whose turnover is Rs. 5 crores or more.
The final GST return has also been simplified:
FM said in the 43rd GST Council meeting it has been simplified; the annual GST returns filing. The council meeting has suggested a good or suitable amendment to the Central Goods and Service Tax Act allow self-certification of treaty statements, nay than having that established by the CA (chartered accountants). Nirmala Sitaram said that Rs 4,500 crore was paid as advance payment to the two vaccine manufacturers. Now The Indian country is working with / manufacturers and suppliers including the EU and Japanese for vaccines. In the up coming time of months, it will be increase the supply.
Important decisions on late fee for filing return:
Further, it has been said by Finance Minister that late fees have also been put through. For taxpayers (Small), the judgment to detract the convenient late fees and the utmost amount of late fees would effective for future periods of tax. This will endow a lengthy period of relief for miniature taxpayers. After completing the GST Council 43rd meeting, The Finance Minister announced taxpayers under this amnesty scheme can now file their due GST returns and gain with short of late payment fees. The government announced a big decision that they are going to reduce the burden of compliance to the small and medium taxpayers. Matters related to late fees, amnesty were also decided. To give relief to small GST registration holder/ taxpayers, the amnesty scheme has been recommended to reduce the late fees payable in these cases.
Exemption for co id equipment:
It has been said by the FM in the 43rd GST council meeting that it’s decided in the council and announced that a group of ministers has been quickly formed that will required the report submissionwithin ten days before the8th of June, the rates of any further deduction, will be decided by the ministry. After completing the 43rd GST Council meeting, The FM said that ad-hoc exemption has been given for equipment related to COVID. It has been decided by the council to extend the many of these items/products import with a waiver till the 31st August, 2021.